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Midwest Energy Emissions Corp. (TSXV: MEEC, OTCQB: MEEC), known as ME2C Environmental, announced the appointment of Dennis Baranik as Director of National Sales, effective May 1, 2024. Baranik will oversee product sales and IP licensing for the company's mercury emissions capture business and support development in potable water treatment. CEO Richard MacPherson highlighted Baranik's extensive leadership experience in the activated carbon market and his valuable industry relationships. This strategic hire aims to drive growth in ME2C Environmental's core business and expand its presence in the water treatment market.
ME2C Environmental (MEEC) reported its Q1 2024 financial results, showcasing a strong start to the year. Revenues increased by 18% to $3.6 million, driven by higher product sales, with gross profit rising by 42% to $1.4 million. Gross margin improved to 41%. The company's total liabilities dropped significantly by 69%, from $28.3 million to $8.8 million. Key debt repayments included a $9 million principal payment and a $0.3 million secured note repayment. The company's cash on hand stands at $11.2 million, with a working capital of $8.2 million. ME2C was awarded a $57 million patent infringement verdict, which could positively impact future financials. The company is also progressing into the potable water treatment market, anticipating significant growth from 2025 onward.
Midwest Energy Emissions Corp. (ME2C Environmental) has appointed Dr. David Mazyck as the Division Director of its new division, WE2C Environmental, effective May 1, 2024. Dr. Mazyck will oversee the development of innovative activated carbon technologies aimed at removing PFAS/PFOS contaminants from water, with a market introduction slated for 2025. This strategic move is expected to leverage his expertise to ensure technology leadership and success in the potable water treatment sector.
Midwest Energy Emissions Corp. (TSXV: MEEC, OTCQB: MEEC), known as ME2C Environmental, will announce its Q1 2024 financial results on May 16, 2024. A conference call will be hosted at 4:00 PM EST to discuss these results, followed by a Q&A session. The press release will be issued before the call. Participants can dial in or use a provided link for instant access. A replay will be available until June 16, 2024.
Midwest Energy Emissions Corp. (MEEC) announced the launch of its new division, WE2C Environmental, focusing on potable water treatment with new sorbent technologies. The company aims to address PFAS contaminants in drinking water following the EPA's new standard and funding allocation. WE2C's solutions are expected to be more effective and environmentally friendly than current options, with reduced costs for utilities. ME2C Environmental's CEO, Richard MacPherson, highlighted the company's commitment to providing innovative and affordable environmental solutions, similar to their success in air emissions control.
